This ASX stock is up 2,700% in a year. Here's what's driving the dip today

MotleyFool03-24

The Sunrise Energy Metals Ltd (ASX: SRL) share price is moving lower on Tuesday following a fresh announcement from the company. At the time of writing, shares are down 2.23% to $7.44. Despite today'...

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Despite today'...</p>\n\n<a href=\"https://www.fool.com.au/2026/03/24/this-asx-stock-is-up-2700-in-a-year-heres-whats-driving-the-dip-today/\">Source Link</a>\n\n</div>\n","source":"motleyfoolau_stock","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>This ASX stock is up 2,700% in a year. 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Here's what's driving the dip today\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-03-24 09:07 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com.au/2026/03/24/this-asx-stock-is-up-2700-in-a-year-heres-whats-driving-the-dip-today/><strong>MotleyFool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The Sunrise Energy Metals Ltd (ASX: SRL) share price is moving lower on Tuesday following a fresh announcement from the company. \nAt the time of writing, shares are down 2.23% to $7.44. Despite today'...</p>\n\n<a href=\"https://www.fool.com.au/2026/03/24/this-asx-stock-is-up-2700-in-a-year-heres-whats-driving-the-dip-today/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK7095","symbol_name":"多种金属与采矿","start_time":0,"source_url":"https://www.fool.com.au/2026/03/24/this-asx-stock-is-up-2700-in-a-year-heres-whats-driving-the-dip-today/","article_id":"2621036476","we_media_id":null,"thumbnails":[],"rights":{"source":"motleyfoolau_stock","url":"https://www.fool.com.au/2026/03/24/this-asx-stock-is-up-2700-in-a-year-heres-whats-driving-the-dip-today/","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2621036476","pubTimestamp":1774314460,"columns":[],"sourceInfo":{"source_id":"motleyfoolau_stock","name":"MotleyFool"},"weMediaInfo":null,"summary":"TheSunrise Energy Metals Ltd share price is moving lower on Tuesday following a fresh announcement from the company.At the time of writing, shares are down 2.23% to $7.44. Despite today's pullback, the stock remains one of the strongest performers on the ASX, up roughly 2,700% over the past 12 months.So, what did the company announce, and why are investors taking some money off the table?According to therelease, Sunrise has teamed up with US-based I-Pulse and Greenvale Mining to deploy a new drilling method in the Millungera Basin in Queensland.Under the deal, I-Pulse will run the project and spend an initial US$5 million to earn an 80% stake. Sunrise will keep 15%, while Greenvale will hold the remaining 5%.The aim is to develop geothermal energy using I-Pulse's drilling technology, which can reach deep underground more efficiently than traditional methods.Management said early work suggests the Millungera Basin could be one of the most promising geothermal areas in Australia.In the n","collect":0,"end_time":0,"defaultTopTitle":"fool.com.au","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK7095":"多种金属与采矿","SRL.AU":"SUNRISE ENERGY METALS LTD"},"translate_title":"这只ASX股票一年内上涨了2,700%。以下是今天导致下跌的原因","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"SRL.AU":1},"content_text":"The Sunrise Energy Metals Ltd (ASX: SRL) share price is moving lower on Tuesday following a fresh announcement from the company. \nAt the time of writing, shares are down 2.23% to $7.44. Despite today's pullback, the stock remains one of the strongest performers on the ASX, up roughly 2,700% over the past 12 months.\nSo, what did the company announce, and why are investors taking some money off the table?\nImage source: Getty Images\nNew geothermal partnership announced\nAccording to the release, Sunrise has teamed up with US-based I-Pulse and Greenvale Mining to deploy a new drilling method in the Millungera Basin in Queensland. \nUnder the deal, I-Pulse will run the project and spend an initial US$5 million to earn an 80% stake. Sunrise will keep 15%, while Greenvale will hold the remaining 5%. \nThe aim is to develop geothermal energy using I-Pulse's drilling technology, which can reach deep underground more efficiently than traditional methods.\nManagement said early work suggests the Millungera Basin could be one of the most promising geothermal areas in Australia.\nLarge-scale energy potential highlighted\nOne of the main takeaways from the update is just how large the potential resource could be. \nData from the Geological Survey of Queensland suggests the basin may hold more than 611,000 petajoules of stored energy. That is roughly equal to around 600 times Australia's annual electricity use.\nResults from existing wells also show higher-than-average heat levels, which supports the case for a large geothermal system.\nFrom here, the companies plan to carry out more studies and drilling to better understand the resource. The goal is to develop it into a steady, emissions-free power source.\nWhy the share price is falling\nDespite the size of the opportunity, today's share price drop is not unusual.\nAfter a strong run over the past year, it is common to see some investors take profits. The stock has also eased back in recent weeks, which suggests the upward momentum has slowed.\nIt is also worth noting that the announcement focuses on long-term potential rather than near-term earnings. Without immediate revenue or cash flow, some investors may be less willing to buy in at current levels.\nWhat to watch next\nThis update adds to Sunrise's bigger plans, which already include its battery materials projects in New South Wales.\nThe geothermal deal opens up a new growth opportunity, but it is still early and will take time to develop. More testing, drilling, and funding will likely be needed before it moves further ahead.\nIn the near-term, attention will turn to further updates on exploration work, drilling results, and how the project could be developed commercially.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.44.1","shortVersion":"4.44.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2621036476","isCrawlerRequest":true}